New Delhi: The corporate affairs ministry on Tuesday fined startup Herox Pvt Ltd and two individuals, who are part of the Munjal family, for violation of significant beneficial owner norms.
According to an order, a total fine of Rs 8 lakh has been imposed on Heroux, while a fine of Rs 1.5 lakh each has been imposed on Suman Kant Munjal and Akshay Munjal.
The company and individuals violated Significant Beneficial Owner (SBO) norms.
Under Section 90 of the Companies Act, 2013, entities are required to disclose SBO details.
Heroux and two individuals have been penalized by the Registrar of Companies (ROC), NCT Delhi and Haryana for the violations.
In recent times, the ministry has been taking action against entities violating SBO norms, with an aim to ensure transparency as well as curb illegal use of corporate structures.
In a 14-page order, the RoC said the company did not take any measures to file e-Form BEN-2 in terms of section 90(4) of the Act despite receiving notices in BEN-1 from significant beneficial owners.
"The relevant e-forms were filed only after the initiation of the proceedings. Thus, there is a clear failure to file in terms of section 90(11) on the part of the company and its officers, which is being considered by the company With reference to the three filings of BEN-2 made,” the order said.
BEN-1 stands for declaration given by SBO to the company. BEN-2 is for declaration of SBO details by the company to the Ministry.
An appeal against the order can be filed with the Regional Director (NR) within 60 days from the date of receipt of the order.
According to an order, a total fine of Rs 8 lakh has been imposed on Heroux, while a fine of Rs 1.5 lakh each has been imposed on Suman Kant Munjal and Akshay Munjal.
The company and individuals violated Significant Beneficial Owner (SBO) norms.
Under Section 90 of the Companies Act, 2013, entities are required to disclose SBO details.
Heroux and two individuals have been penalized by the Registrar of Companies (ROC), NCT Delhi and Haryana for the violations.
In recent times, the ministry has been taking action against entities violating SBO norms, with an aim to ensure transparency as well as curb illegal use of corporate structures.
In a 14-page order, the RoC said the company did not take any measures to file e-Form BEN-2 in terms of section 90(4) of the Act despite receiving notices in BEN-1 from significant beneficial owners.
"The relevant e-forms were filed only after the initiation of the proceedings. Thus, there is a clear failure to file in terms of section 90(11) on the part of the company and its officers, which is being considered by the company With reference to the three filings of BEN-2 made,” the order said.
BEN-1 stands for declaration given by SBO to the company. BEN-2 is for declaration of SBO details by the company to the Ministry.
An appeal against the order can be filed with the Regional Director (NR) within 60 days from the date of receipt of the order.
